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Bush Nominates Ben Bernanke as 14th Federal Reserve Chairman

A position that Bush termed "one of the president's most important appointments"

Posted: October 24, 2005

President George W. Bush announces his nomination of Ben Bernanke, right, to replace Alan Greenspan, left, as Chairman of the Federal Reserve when Mr. Greenspan's term expires in January. The announcement was made Monday, Oct. 24, 2005, in the Oval Office. (White House photo by Paul Morse)

Washington -- President Bush nominated Ben Bernanke to succeed U.S. Central Bank Chairman Alan Greenspan as chairman of the Federal Reserve, a position that Bush termed “one of the president's most important appointments.”

In remarks at the White House October 24, Bush said Bernanke, who currently serves as chairman of the president's Council of Economic Advisers, has “a reputation for intellectual rigor and integrity, [and] he commands deep respect in the global financial community.”

Bush said Bernanke “has done path-breaking work in the field of monetary policy, taught advanced economics at some of our top universities, and served with distinction on the Fed's Board of Governors.” The president predicted that Bernanke, who would be the 14th individual to hold the post if confirmed by the U.S. Senate, will be an “outstanding” Federal Reserve chairman.

The Federal Reserve, also known as the Fed, is an independent body that sets U.S. monetary policies such as interest rates, and oversees the integrity of the national banking system.

“Across the world, the Fed is the symbol of the integrity and the reliability of our financial system. And the decisions of the Fed affect the lives and livelihoods of all Americans,” Bush said.

Greenspan, the outgoing chairman, was appointed by President Reagan in 1987; his term expires January 31, 2006.

Paying tribute to Greenspan’s 18 years of service, Bush said the chairman “has dominated his age like no central banker in history,” and that his “prudent judgment and wise policies have kept inflation low.”

Thanks to Greenspan’s “steady” leadership, “the United States economy has come through a stock market crash, financial crises from Mexico to Asia, two recessions, corporate scandals, and shocks ranging from devastating natural disasters to a terrorist attack in the heart of America's financial center,” the president said.

Bernanke also praised Greenspan and pledged that, if confirmed, “I will do everything in my power, in collaboration with my Fed colleagues, to help to ensure the continued prosperity and stability of the American economy.”

A transcript of remarks by the president and Bernanke is available on the White House Web site.




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